Boliden's Hold Rating Kept as Berenberg Notes 'Broadly Neutral' View on Nexa Deal

05:46 AM EDT, 09/10/2026 (MT Newswires) -- Berenberg maintained its hold rating for Boliden (BOL.ST), saying it holds a "broadly neutral" view on the Swedish metals, mining, and smelting company's proposed acquisition of a 64.68% stake in Nexa Resources from Votorantim. "We can see the broad logic of the deal - Nexa is essentially the Latin American version of Boliden (mines and smelters), making the combined business the second-largest zinc miner globally and the third-largest zinc smelter globally. Furthermore, Nexa trades at a cheap EV/EBITDA valuation (c3x for the next three years versus Boliden at c6-7x, based on Bloomberg consensus)," the research firm said Thursday. With Nexa set to continue as a separately listed standalone entity controlled by Boliden, analysts said they do not see "any clear synergies, absent market scale" until Nexa is fully consolidated into the Swedish company. "We think that Boliden will seek to increase its ownership of Nexa, and ultimately take over the entire business. However, we think this process will take some years," analysts added. Berenberg raised its price target on the stock to 560 kronor from 530 kronor, reflecting an 8% rise in NAV due to the inclusion of Nexa. On the earnings forecast front, the research firm increased its sales and EBITDA expectations for 2027 and 2028. Meanwhile, its EPS projection for 2027 was raised, while that for 2028 was lowered. Berenberg maintained its estimates for 2026.